Key Takeaways
- Geography: Spain.
Analysis
AltamarCAM Partners has launched a new fund of secondary funds, aiming to raise €1.3 billion through its latest vehicle, ACP Secondaries 6 FCR. The fund has been officially registered with the Spanish CNMV and is part of the broader ACP S6 global investment program, which will also include parallel vehicles and bespoke structures tailored for institutional investors.
The announcement follows the successful final close of ACP Secondaries 5 in February, which secured €1.6 billion in capital. AltamarCAM now manages over €20 billion in assets and plans to double this figure over the next five years, reinforcing its position among the top 20 secondary fund managers globally.
According to Lazard, the secondary market for private equity reached $150 billion in transaction volume during 2024 and is expected to hit $200 billion by 2026, signaling growing institutional appetite for liquidity-focused solutions.
ACP Secondaries 6 will primarily target secondary transactions in private equity fund stakes including buyouts, growth equity, venture capital, and other private asset classes such as infrastructure and distressed debt.
The fund’s investment strategy is built on three pillars:
- Secondary fund acquisitions: Core focus on acquiring interests in existing private equity funds.
- Co-investments: Up to 20% may be allocated to direct deals alongside GPs or other investors.
- Selective primary commitments: Opportunistic investments in new fund formations.
AltamarCAM is pursuing a global mandate with emphasis on Western Europe, the United States, and select emerging markets. The fund has no fixed regional caps, enabling flexibility in response to market dynamics.
In line with Spain’s Law 22/2014 (LECR), the fund may allocate up to 100% of its assets to other qualifying private equity entities and may participate in direct deals alongside such vehicles.
To accommodate diverse investor requirements, parallel vehicles will be created, ensuring all investments are made on equivalent terms between the main fund and associated structures.
This launch highlights AltamarCAM’s leadership in the European secondaries space, offering institutional clients access to high-quality deal flow, diversified exposure, and rigorous risk management.